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By reviewing this presentation, you are deemed to have represented and agreed that you and any client you represent are outside of the United States. 2 Company Overview Company Overview Western China focus – Shaanxi, Xinjiang and Guizhou The largest Market leader in Southern cement producer in and Eastern Central Shaanxi Province by NSP Shaanxi production capacity Cement capacity: 29.0mt Aggregates capacity: Shaanxi: 21.7mt 15.0mt Xinjiang: 3.5mt Commercial concrete Guizhou: 1.8mt capacity: 9.8mcm Mozambique: 2.0mt ◼ 100% NSP capacity. Matching Clinker/Cement volumes at each plant ◼ Southern Shaanxi core markets: Dominant market position Africa focus – Mozambique ◼ Eastern Central Shaanxi core market: Access to Xi’an metropolitan market ◼ Mozambique: Growth opportunities ◼ Well positioned to capitalize on West China development ◼ A key strategic cement asset in North West China 4 2021 Interim Results 2021 Interim Results Highlights ◼ Operational Cement: − Period-end installed capacity of 29.0mt (30 June 2020: 29.2mt) Our regional operational metrics (1H2021) − Sales volume of 10.09mt (30 June 2020: 8.24mt). Including clinker sales 10.30mt Central Shaanxi Southern Shaanxi Total (30 June 2020: 8.39mt). Market − ASP of RMB 319/t (30 June 2020: RMB315/t) ◼ Highly Competitive ◼ Limited Competition situation Aggregates: 7.82 − Period-end installed capacity of 15.0mt (30 June 2020: 15.1mt) Sales 4.17 − Sales volume of 2.00mt (30 June 2020: 1.35mt) volume 3.65 (mt) − ASP of RMB 34/t (30 June 2020: RMB39/t) Commercial Concrete: 1 High grade High grade High grade − Period-end installed capacity of 9.80mcm (30 June 2020: 8.00mcm) 85% 77% 81% − Sales volume of 0.76mcm (30 June 2020: 0.59mcm) Product − ASP of RMB 421/cm (30 June 2020: RMB486/cm) mix Low grade Low grade Low grade 15% 23% 19% ◼ Financial – Gross Profit increased to RMB1,343.7m (30 June 2020: RMB1,047.6m) Average: Average: Average: 319 290 306 292 284 – EBITDA was RMB1,665.9m (30 June 2020: RMB1,360.4m) 320 314 307 297 – Profit Attributable to Shareholders amounted to RMB 1,056.1m ASP (RMB) (30 June 2020: RMB752.3 m) – Net Gearing of 30.2% (31 December 2020: 21.2%) High Grade Low Grade High Grade Low Grade High Grade Low Grade – Cash & cash equivalents of RMB 1,858.9 m (31 December 2020: RMB1,475.3m) ◼ Further Developments – The Tongchuan Plant, Shaanxi was commissioned trial production in June 2021. 6 Financial Analysis and KPIs RMB Million Ended Ended Ended Ended (unless otherwise specified) 30 Jun 2021 30 Jun 2020 Change 30 Jun 2021 30 Jun 2020 Sales Volume: Cement: Cement (mt) 10.09 8.24 22.5% ASP/t (RMB) 319 315 Aggregates (mt) 2.00 1.35 48.1% GP/t (RMB) 114 110 Commercial Concrete (mcm) 0.76 0.59 28.8% Aggregates: Revenue 4,232.9 3,008.7 40.7% ASP/t (RMB) 34 39 Gross Profit 1,343.7 1,047.6 28.3% GP/t (RMB) 16 15 EBITDA (1) 1,665.9 1,360.4 22.5% Commercial Concrete: Profit Attributable to ASP/cm (RMB) 421 486 1,056.1 752.3 40.4% Shareholders GP/cm (RMB) 62 100 Basic EPS (cents) 19.4 13.8 40.6% Trade receivable (6) 60 44 Interim Dividend (cents) Nil Nil N/A Turnover Days Inventory Gross Profit Margin 31.7% 34.8% (3.1p.pt) 54 64 Turnover Days (7) EBITDA Margin 39.4% 45.2% (5.8p.pt) Trade payable 117 112 As at As at Turnover Days (8) 30 Jun 2021 30 Jun 2020 Total Assets 22,135.5 18,906.2 17.1% Net Debt (2) 3,365.7 2,237.0 50.5% Net Gearing (3) 30.2% 21.2% 9.0p.pt Net Debt / EBITDA (4) 2.0 0.7 185.7% EBITDA / Fixed Charge (5) 11.1 15.1 (26.5%) Net Assets Per Share(cents) 205 194 5.7% 1.EBITDA is defined as profit before tax minus net foreign exchange (losses) gains and interest income, and plus finance costs, share-based payments, impairment losses as well as total depreciation and amortization expenses. 2.Net debt equal to total bank borrowings and medium-term notes, less bank balances and cash as well as restricted/pledged bank deposits 3.Net Gearing is measured as net debt to equity 4.EBITDA is 1H2021 value annualised 5.Fixed charge means gross interest expenses. 1H2021 value annualised. 6.365 day / (Turnover / Average trade and bill receivables) 7 7.365 day / (Production cost / Average inventory) 8.365 day / (Production cost / Average trade and bill payables) Production Cost Analysis Production Cost (Cement) Average Coal Cost RMB (million) (RMB per ton) 4,500.0 800 +3.8% +3.3% -7.4% +29.2% 628 525 4,017.0 600 491 508 486 3,955.3 4,000.0 3,673.1 400 8.4% 8.2% 9.7% 200 3,500.0 3,386.9 7.0% 6.5% 4.9% 0 6.2% 2017 2018 2019 2020 1H 2021 5.5% 14.1% 15.3% 3,000.0 Average Electricity Cost 18.1% 16.5% 15.4% 2,500.0 15.6% (RMB per kwh) 15.6% 2,070.9 0.6 16.5% +2.6% +2.5% -2.4% -5.0% 2,000.0 6.4% 0.5